Ford Motor Co. is targeting March 28 for the signing of a $1.8 billion deal to sell its Volvo unit to Zhejiang Geely Holding Group Co., with the timing hinging on whether Chinese Vice President Xi Jinping wants to be present.
Volvo spokesman Per-Ake Froberg said Friday that the deal could be reached Sunday, “but it’s not set in stone yet.”
He declined to comment on the price tag. Analysts have estimated the deal at about $2 billion.
Ford has been trying to sell Volvo since late 2008 to focus resources on managing its core Ford, Lincoln and Mercury brands.
The companies are waiting to hear from the Swedish Foreign Ministry about whether Xi will be visiting Volvo this weekend, said Olle Axelson, a spokesman for the carmaker. Xi is scheduled to arrive in Gothenburg, where Volvo is based, tomorrow evening.
“Is he going to visit Volvo or is he not going to visit Volvo, that’s what I’m sitting here waiting to hear,” Axelson, a member of Volvo’s management team, said by telephone today.